Third Federal Provides Additional Stimulus to Its Associates This Holiday Season

Rhea-AI Summary

Third Federal (NASDAQ: TFSL) announced its first-ever virtual Annual Winter Meeting, where CEO Marc Stefanski revealed that all 1,000 associates will receive a $1,500 net bonus, alongside their usual year-end bonuses. This reward acknowledges the hard work and dedication of associates during a challenging year, amid a significant refinance boom that boosted loan originations from $1.8 billion to over $3 billion in 2020. The company has also provided additional perks, reflecting a commitment to employee welfare and service excellence.

Positive

• Increased loan originations from $1.8 billion to over $3 billion in 2020.
• All 1,000 associates to receive a $1,500 net bonus.

Negative

• None.

Third Federal (NASDAQ: TFSL) isn’t waiting for a second government stimulus this year to help its associates. During the company’s first-ever virtual Annual Winter Meeting, Chairman and CEO Marc Stefanski announced that all 1,000 Third Federal associates would be receiving a $1,500 net bonus to end the year, in addition to the company’s annual year-end bonus.

Chairman and CEO Marc A. Stefanski (Photo: Business Wire)

The bonus is for all of the hard work, dedication and loyalty associates have shown its customers and the company in 2020.

“As an essential business, our doors and our phone lines have been open to our customers since the early days of the pandemic,” Stefanski said. “With all of the uncertainty this year, we still found ourselves in the middle of a refinance boom, adding a significant amount to the workload. Although our associates have been under a tremendous amount of stress, they are still closing home loans in 45 days and providing excellent customer service to our customers. They live by our values of love, trust, respect and a commitment to excellence, and continue to do all they can to help us succeed.”

Third Federal originated the most loans in a single year since its initial public offering in 2007, growing loan originations from $1.8 billion to more than $3 billion in 2020.

This year, in addition to regular bonuses, the company provided additional time off, gift cards, Kona Ice trucks, Thanksgiving turkeys, and celebrated fall with caramel apples for all associates working in their branch system and at its corporate headquarters.

Third Federal Savings and Loan Association is a leading provider of savings and mortgage products, and operates under the values of love, trust, respect, a commitment to excellence and fun. Founded in Cleveland in 1938 as a mutual association by Ben and Gerome Stefanski, Third Federal’s mission is to help people achieve the dream of home ownership and financial security. It became part of a public company in 2007 (Nasdaq: TFSL). Third Federal, which lends in 25 states and the District of Columbia, is dedicated to serving consumers with competitive rates and outstanding service. Third Federal, an equal housing lender, has 21 full service branches in Northeast Ohio, seven lending offices in Central and Southern Ohio, and 16 full service branches throughout Florida. As of September 30, 2020, the Company’s assets totaled $14.6 billion.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201218005667/en/

FAQ

What bonus did Third Federal announce for its associates in 2020?

Third Federal announced a $1,500 net bonus for all 1,000 associates.

How much did Third Federal's loan originations grow in 2020?

Loan originations grew from $1.8 billion to over $3 billion in 2020.

What are Third Federal's values as a company?

Third Federal operates under the values of love, trust, respect, a commitment to excellence, and fun.

When did Third Federal go public?

Third Federal became a public company in 2007.

What additional perks did Third Federal provide to its employees in 2020?

In addition to bonuses, Third Federal provided extra time off, gift cards, and special treats like Kona Ice trucks and Thanksgiving turkeys.